Don't miss

Replay


LATEST SHOWS

THE DEBATE

Kerry Middle East Tour

Read more

BUSINESS DAILY

Greek shares plunge as trading resumes in Athens

Read more

IN THE PAPERS

'Gulf countries need proof and guarantees'

Read more

IN THE PAPERS

'The deadly French-English border'

Read more

EYE ON AFRICA

Experimental Ebola vaccine could stop virus in West Africa

Read more

MEDIAWATCH

#CecilTheLion : Hunter Becomes The Hunted

Read more

THE WORLD THIS WEEK

Erdogan’s gamble: Turkey launches offensives on PKK and Islamic State Group (part 2)

Read more

THE WORLD THIS WEEK

Europe’s shame: Calais migrant crisis deepens (part 1)

Read more

FRANCE IN FOCUS

The River Seine, the lifeblood of the French capital

Read more

Europe

IMF warns Greece that more action is needed on debt

Video by Aurore Cloe DUPUIS

Text by News Wires

Latest update : 2011-09-19

The IMF told Greece on Monday that "additional measures" were required to reduce its budget deficit ahead of an urgent consultation with the EU and the country's finance minister, Evangelos Venizelos (pictured), on more rescue funds.

AFP - Greece will have to do more to cut its budget deficit, the International Monetary Fund warned on Monday as the IMF and EU headed for a crisis teleconference with the Greek finance minister.

"Additional measures will be needed in order to reduce the budget deficit," the IMF representative to Greece Bob Traa said at a symposium in this seaside resort near Athens in the presence of the Greek Finance Minister Evangelos Venizelos.

Speaking at a conference between the IMF and Greek business leaders organised by The Economist magazine, he said that Greece should launch urgent reforms of its tax administration and warned the government against constantly raising taxes.

Is a Greek default an option?

His remarks came shortly before a teleconference between the minister and auditors from the eurozone and IMF who have yet to decide whether Greece has repaired broken promises enough to warrant the release of rescue funds urgently to avoid bankruptcy early next month.

The teleconference is to be held at 1200 GMT, and Venizelos said on Sunday that it would be followed by a ministerial meeting to decide on new concrete budget measures.
 

Date created : 2011-09-19

  • GREECE

    Greek PM cancels US trip ahead of crucial week

    Read more

  • GREECE

    Germany, France say Greece 'integral' to eurozone

    Read more

  • GREECE

    Greece unveils €2 billion in cuts to secure EU/IMF bailout

    Read more

COMMENT(S)